2M FACE FINANCIAL DIFFICULTIES IF INTEREST RATES RISE The Resolution Foundation thinktank will this week call on banks to be forced to issue immediate warnings to 2m homeowners at risk of financial difficulty when interest rates start to rise. The think-tank will release a report in which it will warn of an unwelcome shock facing borrowers when rates eventually go up. It said that many banks themselves also want the Financial Conduct Authority to issue such an order to allow them to act without being seen as insulting customers. Matthew Whittaker, chief economist at Resolution, said that the majority of the 2m were not facing an immediate problem, and that most people will be able to absorb one or two interest rate rises.
Posted on: Sun, 20 Jul 2014 08:40:04 +0000
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